A lawsuit alleging Wells Fargo defrauded the government by being undercapitalized and making false statements when it borrowed from the Federal Reserve’s discount window was rightly dismissed, a federal appeals court ruled Thursday.
The U.S. Court of Appeals for the Second Circuit agreed the qui tam action under the False Claims Act (FCA), brought by Paul Bishop and Robert Krause, failed because the bank’s certifications of compliance with the banking system were too general to constitute legally false claims.
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